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"Today it's more of a horse race between equity categories," Mr. Richardson said, noting that this makes picking the winners that much harder.
Given the global focus on health equity [ 41], the rarity of disaggregation of indicator data according to equity categories was concerning.
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Since Morningstar's method change in mid-2002, Value Line's top-rated funds have outperformed those Morningstar picks in the domestic equity category.
Funds-of-funds in the global equity category have performed particularly poorly, with 6.48% five year annualized returns for the funds-of-funds against 8.66% for global equity funds overall.
Indeed, of the 33 equity fund categories tracked by Morningstar, only one -- bear market funds -- posted a negative return for the quarter.
Though the Standard & Poor's 500 declined 1.04% last quarter, most equity fund categories made at least tepid advances.
Of the 54 Lipper equity fund categories, income funds inched up to 36th place last year and have clawed their way to 16th in 2005.
"We thought it would bring to the equity access category the same kind of reputation over time that had come to the second mortgage category".
That makes technology the best-performing equity fund category so far this year.
In April, the Amana Trust Income Fund, with nearly $400 million under management, won a Lipper Fund Award in the equity income category for the second year in a row.
A fund's name has absolutely no bearing on whether it is included in Lipper's equity-income category.
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